Needham Assigns a Hold Rating on Atlassian (TEAM)

In a report released today, Jack Andrews from Needham assigned a Hold rating to Atlassian (TEAM). The company’s shares closed last Friday at $237.70, close to its 52-week high of $262.40.

According to, Andrews is a 5-star analyst with an average return of 28.8% and a 64.9% success rate. Andrews covers the Technology sector, focusing on stocks such as CommVault Systems, LiveRamp Holdings, and Pegasystems.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Atlassian with a $269.92 average price target.

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Based on Atlassian’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $501 million and GAAP net loss of $622 million. In comparison, last year the company earned revenue of $409 million and had a net profit of $124 million.

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Atlassian Corp. Plc is a holding company, which engages in the design, development, license, and maintenance of software and provision software hosting services. Its products include JIRA software, align, core, and Service Desk, Confluence, Trello, Bitbucket, Sourcetree, bamboo, opsgenie, and statuspage. The company was founded by Michael Cannon-Brookes and Scott Farquhar in 2002 and is headquartered in London, the United Kingdom.

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